Show notes
Show Notes: Keith Durst runs Friends of Chef (FOC), a consulting firm that works at the intersection of hospitality and real estate. Keith has worked on major projects in 15 different states, and he lists several projects they have worked on in New York City, such as Rockefeller Center, Lincoln Center, the Whitney Museum, and Blackstone's corporate headquarters as just a few of his projects. Reimagining the Rockefeller Center Keith uses Rockefeller Center as a case study to explain the different stages and services his firm provides to their projects. The initial phase of the project involves understanding the needs and goals of the developer or owner. He talks about researching the market, designing the concept, and bringing it to life with construction. Finally, they help with the launch of the project and ensure its success. The goal of the project at Rockefeller Center was to create a place where New Yorkers would want to spend their time, rather than focus on it as a tourist destination. To achieve this, the development team looked at what was missing and why and how they redeveloped the area to be more open and accessible to New Yorkers. He talks about the changes that were made and how these changes have made the area an attractive destination for locals to visit. Keith explains the specifics of how to do a needs assessment for the Rockefeller Center, including assessing the local community. They wanted to create an authentic New York experience on the campus, so they didn't rely on the competitive set. The goal was to create different levels of food and beverage, including bakeries, breweries, cafes, and sit down seating that would give people working at Rockefeller Center the ability to stay in the area to socialize and make reservations at popular places, but also that it would attract a wide demographic. In the end, Keith hopes that the changes will give people the time and energy back to spend more than one day in the area. The Friends of Chef Mission and Vision The goal of the FOC team is to create an environment that is welcoming to all kinds of people from different parts of the city. The team also plans out different day periods to maximize the restaurants' potential and manage flow periods. Keith explains why the balance between destination restaurants and quick lunch spots is important. He emphasized that it's important to bring in businesses that understand throughput and have efficient POS and under periods. Once customer needs and establishment needs have been assessed, the next step is working with the team and their engineers and leasing people to ideate and figure out how to make their plans a reality. Viable Financial Planning for Restaurants Keith talks about the process of developing a space for a restaurant. The first step is to conduct an assessment and determine which types of restaurants would be a good fit for the space. The next phase is financial underwriting, which involves understanding the costs from both the developers and operators point of view of pre-opening and building the space, as well as developing a critical path to open the restaurant. Keith talks about the importance of having a partner mentality when working with landlords in the restaurant industry. Keith explains that a good deal cannot be done with bad people, and vice versa, and that the landlord and operator need to have a solid relationship. He adds that the two parties need to come up with a plan that works for both, and that the developer needs to have a vision that will make the property worth more. Keith then explains that when developing a financial plan, the team identifies the type of restaurant that will work in the specific location to achieve buy-in from all parties involved. Finally, he mentions the need for sign off from the executive committee of the company. Key Factors when Designing a Restaurant Keith explains that when designing a restaurant, there are a few key considerations: the developer and superintendents should have a thorough knowledge of the building, engineers who can ensure all electrical and plumbing needs are professionally installed; a kitchen designer to monitor the essential health and safety needs of a kitchen are met, a health and safety official, a designer to work with Keith's team and the operator, and finally, the developer to sign off on designs. This is all before the final fixtures, furnishings. He explains why the menu should be an early part of the kitchen design to meet specific culinary requirements and that, as such, the chef often plays a key role in the kitchen design. The Development of FOC Keith shares how his firm started. Keith gained experience opening and running high end restaurants in New York City. He was approached by a hotelier who needed help getting their food and beverage program set up. Initially, he worked on it alone, but soon realized he needed a team to be able to execute and grow the business. He now has a partner who has extensive experience in the hospitality industry at a high level. Keith assembled a team of 15 highly skilled and experienced people in the hospitality industry. Through his team, Keith has been able to work on projects of varying levels of complexity, ranging from setting up food and beverage for stadiums to small restaurants. He has also partnered with established restaurant groups to learn more about the current market and labor practices. Keith also mentions a close friend, chef and restaurant owner who he often consults with for practical and helpful advice and knowledge on the running of a kitchen. Keith explains a key factor to the success of his business is building relationships with the people in the hospitality, real estate, and other communities to find the projects they think will be the most motivational for his team. They seek out projects that everyone is excited about and are proud to work on. Keith believes that their team has figured out the best way to build relationships and communities in order to come up with great projects. They have been able to join boards and reinvest in the people they care about as a result of their success. Timestamps: 05:51 Needs Assessment for Rockefeller Center Food and Beverage Options 10:04 Balancing Different Restaurant Use Cases in Rock Center 12:59 Developing a Restaurant Space 14:13 The Importance of Partnership Between Landlord and Operator 19:43 Skill Sets Required for Restaurant Design and Build 22:40 Conversation on Restaurant Design and Menu Planning 25:07 Founding His Firm and Building Teams for High-End Restaurants Links: Website: www.friendofchef.com Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.